§33-3-14b. Credits against premium tax for investment in West
Virginia securities.
(a) If the annual statement of any insurer covering a calendar
year shows it to have investments at the close of the year in West
Virginia securities, of at least twenty-five percent of its
admitted assets, it is entitled to a credit against the premium tax
levied by sections fourteen and fourteen-a of this article in an
amount equal to one hundred percent of the tax for the calendar
year: Provided, That the insurer proves to the satisfaction of the
commissioner that it employs less than twenty full-time employees,
has gross direct premiums of less than ten million dollars and
derives a minimum of fifty percent of its gross direct premiums
from insurance provided to under-served areas of West Virginia.

(b) As used in this section:

(1) "Full-time employees" means all elected officers, all
full-time employees, all part-time employees each counted as
one-half full-time employee equivalents and all full and part-time
equivalent employees of affiliated companies within an insurance
holding company system providing any type of service by contract or
by any other arrangement;

(2) "Underserved areas" means those counties of the state for
which the insurer demonstrates to the satisfaction of the
commissioner that consumers in that county have an inadequate choice of insurance providers;

(3) "West Virginia securities" means real estate situate in
this state; bonds or interest-bearing notes or obligations of this
state; and bonds or interest-bearing notes or obligations of any
county, district, school district or independent school district,
municipality or any other political subdivision of this state;
revenue bonds issued by any West Virginia state agency, board,
department or commission authorized to issue such bonds by the laws
of this state; and cash balances in regularly established accounts
in West Virginia state banks and reflected as an asset in such
annual statement; provided that the amount of such cash shall be
calculated based on fifty percent of the average quarterly balance
of such accounts and provided further that such cash may make up no
more than forty percent of the insurer's investments in West
Virginia securities.